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Oman’s GDP rises by 16 percent in 2021, crude biggest contributor

Wholesale and Retail trade of Oman expanded by 15.5 percent.
  • Statistics indicated that this increase is attributed to the rise in the value-added of oil activities at the end of December 2021 by 38.5 percent.
  • The largest share was for crude oil at the end of December 2021, which amounted to RO 8.998 billion, constituting a growth of 46.6 percent.

The Gross Domestic Product (GDP) of Oman at the end of December 2021 increased by 16.1 percent to reach RO 33.016 billion ($85.86b) compared to RO 28.442 billion ($73.86b) at the end of December 2020, according to National Centre for Statistics and Information (NCSI) data.

Statistics indicated that this increase is attributed to the rise in the value-added of oil activities at the end of December 2021 by 38.5 percent, recording RO 10.547 billion, compared to RO 7.617 billion at the end of December 2020.

The largest share was for crude oil at the end of December 2021, which amounted to RO 8.998 billion, constituting growth of 46.6 percent compared to the end of December 2020, when crude oil recorded RO 6.139 billion.

Natural gas activities increased by 4.8 percent to reach RO 2.549 billion compared to the end of December 2020, which recorded RO 1.478 billion.

The total non-oil activities at the end of December 2021 amounted to RO 24.044 billion, comprising an increase of 8.4 percent compared to the end of December 2020 when non-oil activities recorded RO 22.178 billion.

Service activities came at the forefront of non-oil activities, recording RO 16.571 billion, constituting growth of 6.5 percent compared to the end of December 2020, when it recorded RO 15.563 billion.

Communications activity decreased at the end of December 2021 by 7 percent. Public management and defense activities also went down by 2.1 percent.

Several other activities recorded an increase, namely transport and warehousing by 19.4 percent, wholesale and retail trade by 15.5 percent, real estate, professional, technical and administrative by 9.5 percent.

This also includes increase in other service activities by 6.6 percent and financial and insurance activities by 5.5 percent, as well as accommodation and food services by 5.5 percent.

The value of industrial activities at the end of December 2021 reached RO 6.687 billion, comprising a rise of 13.6 percent compared to the end of December 2020 when it stood at RO 5.885 billion.

The basic chemicals industry recorded the highest surge in total industrial activities by 79.5 percent, while other manufacturing industries (which include refined petroleum products industry) went up by 19.9 percent.

Further, mining and quarrying activities increased by 4.3 percent, while the contribution of construction activities declined by 6.8 percent.